NPK Co Beneish M-Score Historical Data
The historical data trend for NPK Co's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NPK Co Beneish M-Score Chart
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NPK Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-3.27 |
-2.66 |
-3.15 |
-2.58 |
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NPK Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.98 |
-2.43 |
-2.58 |
-2.58 |
-2.86 |
Competitive Comparison of NPK Co's Beneish M-Score
For the Specialty Chemicals subindustry, NPK Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NPK Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, NPK Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NPK Co's Beneish M-Score falls into.
NPK Co Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of NPK Co for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9546 | + | 0.528 * 1.0087 | + | 0.404 * 1.0133 | + | 0.892 * 1.0012 | + | 0.115 * 0.9318 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9037 | + | 4.679 * -0.087071 | - | 0.327 * 0.8536 |
| = | -2.86 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩10,612 Mil.
Revenue was 15818.16 + 15120.508 + 16237.305 + 15472.87 = ₩62,649 Mil.
Gross Profit was 1266.897 + 1603.569 + 2146.453 + 1533.347 = ₩6,550 Mil.
Total Current Assets was ₩26,851 Mil.
Total Assets was ₩70,230 Mil.
Property, Plant and Equipment(Net PPE) was ₩38,893 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,367 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,264 Mil.
Total Current Liabilities was ₩16,237 Mil.
Long-Term Debt & Capital Lease Obligation was ₩197 Mil.
Net Income was -191.431 + 389.241 + 793.616 + 331.001 = ₩1,322 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 602.433 + 2256.696 + 3225.149 + 1353.171 = ₩7,437 Mil.
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Total Receivables was ₩11,104 Mil.
Revenue was 16157.257 + 14966.517 + 12871.323 + 18580.891 = ₩62,576 Mil.
Gross Profit was 1613.344 + 1653.995 + 725.795 + 2606.419 = ₩6,600 Mil.
Total Current Assets was ₩25,091 Mil.
Total Assets was ₩73,608 Mil.
Property, Plant and Equipment(Net PPE) was ₩43,877 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,589 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,397 Mil.
Total Current Liabilities was ₩19,839 Mil.
Long-Term Debt & Capital Lease Obligation was ₩340 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (10611.949 / 62648.843) | / | (11104.188 / 62575.988) |
| = | 0.169388 | / | 0.177451 |
| | = | 0.9546 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (6599.553 / 62575.988) | / | (6550.266 / 62648.843) |
| = | 0.105465 | / | 0.104555 |
| | = | 1.0087 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (26851.286 + 38892.594) / 70230.332) | / | (1 - (25090.944 + 43876.703) / 73608.263) |
| = | 0.063882 | / | 0.063045 |
| | = | 1.0133 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 62648.843 | / | 62575.988 |
| | = | 1.0012 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (5589.437 / (5589.437 + 43876.703)) | / | (5367.365 / (5367.365 + 38892.594)) |
| = | 0.112995 | / | 0.121269 |
| | = | 0.9318 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (1263.653 / 62648.843) | / | (1396.609 / 62575.988) |
| = | 0.02017 | / | 0.022319 |
| | = | 0.9037 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((196.746 + 16237.15) / 70230.332) | / | ((339.975 + 19838.637) / 73608.263) |
| = | 0.234 | / | 0.274135 |
| | = | 0.8536 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (1322.427 - 0 | - | 7437.449) | / | 70230.332 |
| | = | -0.087071 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
NPK Co has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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